Valencia College, the recipient of
the inaugural Aspen Prize for Community College Excellence, recently released the results of an EMSI economic impact study that showed it generates $1.05 billion a year in Central Florida. Valencia also put together an engaging animated video that highlights the results of the study and the college’s other major contributions to the regional economy over the last 45 years.
Valencia’s video (see below or here) is a great example of how colleges can actively use EMSI’s data and analysis to showcase their impact on their communities and regions.
Here’s more on Valencia’s impact analysis, which was released at the end of April:
At a time when Florida’s unemployment rate is 9.4% and public funding for higher education is being cut, a new study finds that Valencia College boosts the economy of Orange and Osceola counties by $1.05 billion a year.
The study, conducted by Economic Modeling Specialists, Inc. (EMSI) on behalf of the college, calculated the college’s total economic impact, based on the 70,000 students enrolled at Valencia, and includes alumni earnings, student spending and expenditures related to college operations.
The impact study also examined the college’s return on investment, for both students and taxpayers.
- For students, every dollar spent on tuition today increases a student’s future income by $5.60, according to the EMSI study.
- For Florida taxpayers, the rate of return on their investment in the college is 8.9 percent, outperforming nearly all private investments’ return on the dollar.
Valencia, the 17th largest employer in the region, has become an economic engine for Central Florida, generating close to 3,000 jobs and spending $231 million a year on buildings, salaries, services and supplies.
In addition to the impact of students currently enrolled at the college, the study found that Valencia’s graduates contribute $781.7 million in earnings, spending and savings to the region’s economy each year.
To understand Valencia’s economic impact on its two-county region, compare the college’s $1 billion impact to that of the University of Florida. In 2011, an economic impact study found that UF’s impact on the statewide economy was $8.76 billion – and $2.9 billion of that was attributed to the Shands Hospital system and UF physician practices.
“Valencia is a billion dollar gem. We hope the independent study will help the community understand what an asset Valencia actually is to the region,” said Valencia Board of Trustees Chair Bertica Cabrera Morris.
See here for more on EMSI’s higher education economic impact study. Find out more about EMSI here. You can reach us via Twitter @DesktopEcon or by emailing Rob Sentz (rob@economicmodeling.com).
